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Hungary’s industrial output rose by an annual 5.9 percent in October, the Central Statistical Office (KSH) said in the first reading of data on Thursday.

Adjusted for the number of workdays, output increased by 3.3 percent.

For the period January-October, output rose by an annual 3.4 percent.

In a month-on-month comparison, output rose a seasonally and workday-adjusted 2.0 percent.

KSH official Mrs Miklós Paczari noted that

the electronics segment showed especially good performance in October. While vehicle manufacturing volume remained below the 5.9 percent average, it rose again after declining for three months, she added.

The unadjusted data were influenced by the fact that there was one more workday in October this year than a year earlier. Analysts interviewed by MTI said the October data well-exceeded expectations after the 0.6 percent decline in September.

Péter Virovácz of ING Bank predicted industrial output growth between 3.5 percent and 4 percent for the full year compared with 4.6 percent in 2017.

Gergely Suppán of Takarékbank said

industrial output growth is supported by the installation of new production capacities as well as the positive industrial sentiment and confidence indices. He forecast industrial output growth of 3.6 percent in 2018.